Searches for new build homes have also spiked for the third consecutive month, with the January-March search hitting 158,960 (+64,147, a 68% increase on the same period in 2021).
In addition, the March increase in Midlands Help to Buy searches of 50% is the highest that whathouse.com has recorded in any region or month previous. This unprecedented home hunter interest in new build homes is being stoked by people putting into action long-planned lifestyle changes, the impending end of Help to Buy which comes following a period of lockdown saving, and the growing desire of homeowners to improve energy efficiency and lower running costs.
Daniel Hill, Managing Director, whathouse.com, comments: “There’s a treble of reasons why home hunters are searching for new build homes in their droves, and why so many are making it their goal to complete this spring/summer.
"Firstly, now final pandemic restrictions have lifted people are putting into action long-planned lifestyle changes, with ‘more well-planned family space’ top of the agenda. And, having taken the opportunity to save over the past twenty-four months, are now using their strong position to step up to a luxury new build that provides purpose-designed office, entertaining and home gym space.
"Secondly, the Help to Buy scheme is due to end 31 March 2023, starting the countdown clock for first-time buyers who have used numerous lockdowns to save hard for a deposit.
"Thirdly, the cost-of-living crunch and energy price hikes have made a new build home the obvious choice for many people thanks to their much higher standards. New build homes are far cheaper to run and will dramatically lower a household’s carbon footprint.”
James Holmear, Group Sales Director, Redrow comments: “Several of the findings of the whathouse.com Index resonate closely with trends we are currently experiencing in customer demand and sales. We continue to see high demand from growing families.
"A significant number of second and third-steppers have been in a fortunate position to save during the pandemic, meaning they are in the perfect position to make the leap to one of our larger footprint properties. More buyers are also choosing to further customise their home with additional spaces such as home offices, and conservatories, reflecting the confluence of work and personal life for many people.”
